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    Shuyun Che

    Research Analyst at China International Capital Corporation

    Shuyun Che is an Equity Analyst at China International Capital Corporation, specializing in research coverage of Chinese technology companies, with recent focus on firms such as VNET Group Inc. As part of his role, he has participated in earnings calls and provided actionable insights to institutional clients, demonstrating a keen understanding of sector fundamentals and market trends. Che began his tenure at CICC prior to 2019 and holds experience in equity research, supporting the investment decision-making process for both buy-side and sell-side clients. He is recognized within analyst circles for his work in the Chinese technology space and maintains professional credentials relevant to his research responsibilities.

    Shuyun Che's questions to VNET Group (VNET) leadership

    Shuyun Che's questions to VNET Group (VNET) leadership • Q3 2024

    Question

    Shuyun Che requested details on the Taicang pre-REIT project, including its current utilization, revenue, and EBITDA margin, and asked about plans for similar future projects. She also sought clarity on the CapEx outlook for the upcoming year, given the planned delivery of 297 MW in wholesale capacity.

    Answer

    Rotating President Chenggang Shen stated the Taicang project is at approximately 50% utilization, projected to reach 95% by the end of next year with an estimated EBITDA of RMB 570 million. An executive added that VNET plans similar projects, with a 2025 goal to launch a pre-REIT for its Ulanqab campus. CFO Qiyu Wang confirmed that robust wholesale demand will drive increased CapEx in 2025, managed at a steady pace.

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